Account Reconcilement

Account Reconcilement

A service in which one balances all outlays and payments, finds out what outlays must still be made and what payments are still outstanding, and determines how much cash a company has on hand. Outside parties often conduct account reconcilement in order to provide a level of objectivity to their analysis. See also: Cash management, Outside audit.

Any converted business check presented on a business account that has controlled disbursement, account reconcilement, positive pay or stop payments is also passed to those systems for reporting and review.

North Bay Bancorp, holding company for The Vintage Bank and Solano Bank in Northern California, implemented Exact/TMS(TM) after corporate clients began asking about account reconcilement and positive pay services.

CheckFree Financial and Compliance Solutions, a business unit of CheckFree Corporation , today announced that National City Corporation has selected CheckFree ARP/SMS(TM) (Account Reconciliation Package/Service Management System), a fully integrated, online, real-time check and deposit reconciliation system that will enhance National City's existing Account Reconcilement and Positive Pay products for its corporate clients.

Additional banking services to be provided by PNC Bank will include an array of treasury management services, consisting of lockbox, account reconcilement, controlled disbursements and internet-based services, as well as an interest rate swap through PNC Bank's risk management unit.

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